Want to purchase a short sale?

A short sale happens when the seller's lender has agreed to collect a reduced payoff to release a mortgage.

Purchasing a short sale in Jacksonville, North Carolina on your own is risky. Contact Choice Jacksonville Realty for expert advice.

Are they good deals?

Occasionally. Most people hear the term "short sale" and instinctively think of a seller that is in default and needing to sell their property quickly to avert further financial problems. This is sometimes the case and can be an opportunity for a buyer to do well from another's misfortune. More commonly, a lender may consider a short sale even if the seller is current with their mortgage, but property values have fallen. In cases such as these the reduced price may in fact be consistent with actual market values instead of below.

Are you ready to buy a short sale property?

  • Always do your homework before making any offers. Using a qualified real estate agent from Choice Jacksonville Realty to help you research a property can help you make informed decisions. We can help find out to whom the property is titled, how much is owed to the lender, and whether or not a foreclosure notice has been filed. Locating this information can help you decide how much to offer.
  • Hire a REALTOR® with short sale knowledge. Choice Jacksonville Realty can aid you in expediting the transaction and make sure you're protected. Don't allow inexperience to delay the closing process. Let my experience and knowledge work in your favor.

  • Even with an experienced real estate agent and under the best of situations, buying a short sale property will generally take longer than a typical real estate transaction. Be informed that a majority of short sales will not close in less than 30 days. Remember that you're not only having to satisfy the seller, but the lender must also agree to the discounted price. It's not uncommon that your offer will go before a committee to approve, which will add time - sometimes even 2 to 3 months.
  • Home warranties, buyer credits and allowances, and closing cost concessions are typically non-negotiable when dealing with a short sale. The lender will be selling the property as seen which means the lender won't be paying for repairs. Be sure you reserve the right to have inspections for pests, HVAC, electrical, and other critical areas. At Choice Jacksonville Realty, when I write an offer, I will be looking out for your interests first and foremost and will always suggest that you make your offer contingent upon the outcome of the inspections.
If you are ready to buy, whether it be a short sale or a typical home sale, Choice Jacksonville Realty is here to help. Use my experience and knowledge of real estate to be confident that you are getting a fair deal and will be protected during the full purchase transaction.